Three public interest activists, Dr. G. Usvatte-aratchi, Dr. A.C. Visvalingam and Mr. Chandra Jayaratne have invoked the Fundamental Rights jurisdiction of the Supreme Court seeking an independent and competent inquiry into the controversial Central Bank bond issue and also called for systems that would ensure transparent and good governance practices on future public debt issues.

The petition which was filed on Friday by Ms. Lilanthi de Silva has been settled and will be supported by Attorneys-at-Law Saliya Pieris and Pulasthi Hewamanne.

The petition prays that the court directs the Monetary Board to carry out an independent inquiry by a competent panel of professionals well versed in the rules, systems, procedures and processes applicable to the public debt management under the supervision of court and to report thereon; and

Direct the Monetary Board and other associated respondents, in consultation with stakeholders, to formulate new systems, processes, rules and regulatory frameworks which assure transparency and best good governance practices are in place in respect of future public debt issuances.

In a letter he has written Minister Karu Jayasuriya, whose portfolio includes good governance, Mr. Chandra Jayaratne said that their action is with the sole intent of enhancing the good governance framework, “and thus positively support the commitments adopted by the new government.”

The respondents cited are: 1. Monetary Board of the Central Bank of Sri Lanka,

2. Arjuna Mahendran, Governor Central Bank of Sri Lanka, 3. P. Samarasiri, Chairman, Treasury Bond Tender Committee and Deputy Governor Central Bank of Sri Lanka, 4.

Superintendent and Registrar of Public Debt, Central Bank of Sri Lanka 5. Secretary, Ministry of Policy Planning and Economic Affairs 6. Perpetual Treasuries Ltd, 7. Arjun Aloysisus and 8. the Attorney General.

Courtesy:The Island